Fibonacci Retracements Analysis 23.01.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair reached a new local high, which means that it may continue growing towards the group of fibo-levels at the correctional retracement of 50%. If later the price rebounds from this area, it may start a new descending correction.

At the H1 chart, the pair may start a new local correction towards the broken high. Later, the price may resume moving upwards to reach the closest group of fibo-levels at 1.0835 – 1.0810. Possibly, the market may rebound from this area start a correction.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still moving inside the ascending channel. If the price rebounds from the channel’s downside border, it may resume moving upwards. The closest target for bulls is the group of fibo-levels at 0.8890 – 0.8880.

As we can see at the H1 chart, the price is trading very close to the channel’s downside border and trying to rebound from the group of local fibo-levels. If bulls rebound from this area, the market may start a new growth on Monday.

RoboForex Analytical Department